DY. COMMISSIONER OF INCOME TAX, MUMBAI vs. MAHARASHTRA STATE CO-OPERATIVE BANK LIMITED, MUMBAI

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ITA 976/MUM/2024Status: DisposedITAT Mumbai07 November 2024AY 2018-19Bench: SHRI AMIT SHUKLA (Judicial Member), SMT. RENU JAUHRI (Accountant Member)1 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the assessee is entitled to claim deduction on account of investment depreciation reserve, following the decision of the coordinate bench and High Court. However, the matter was restored to the AO for factual verification of the reserve working as per RBI guidelines to determine the allowable deduction.

What were the facts?

The assessee claimed an amount of Rs. 32,69,10,665/- as provision for investment depreciation reserve. The Assessing Officer disallowed this claim, treating it as notional expenditure. The CIT(A) allowed the assessee's appeal, following previous orders of the Coordinate Bench.

What were the issues?

Whether the provision for investment depreciation reserve is allowable as a deduction. Whether the CIT(A) erred in deleting the disallowance made by the AO.

Which sections of the Income-tax Act were involved?

Section 37,Section 250

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Before: SHRI AMIT SHUKLA & SMT. RENU JAUHRI

For Appellant: Shri Sushil Lakhani
For Respondent: Smt. Sanyogita Nagpal (CIT - DR)
Hearing: 03.10.2024Pronounced: 07.11.2024

Appellant by : Shri Sushil Lakhani Respondent by : Smt. Sanyogita Nagpal (CIT - DR) Date of Hearing 03.10.2024 Date of Pronouncement 07.11.2024 आदेश / O R D E R PER RENU JAUHRI [A.M.] :- This appeal is filed by the Revenue against the order of the Learned Commissioner of Income-tax (Appeals)/ National Faceless Appeal Centre, Delhi [hereinafter referred to as “CIT(A)”] dated 22.12.2023 passed u/s. 250 of the Income-tax Act, 1961 [hereinafter referred to as “Act”] for Assessment Year [A.Y.] 2018-19.

2.

The grounds of appeal taken by the Revenue are as under:

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